Analysis of Google search data reveals that online searches for “Sell Ethereum” exploded 972 per cent in the UK yesterday, the same day that the cryptocurrency dropped by over £300.
Analysis by Payback reveals that online interest for selling Ethereum skyrocketed to almost ten times the average volume in one day as the value of cryptocurrency dips by over £300.
A spokesperson from Payback Ltd commented on the findings: “Whilst the cryptocurrency market is often volatile, this surge in interest to sell Ethereum is concerning for those who are still invested. This drop will undoubtedly coincide with the announcement of new regulations from China as well as Tesla’s U-Turn to accept Bitcoin as currency, causing a ripple effect across the entire crypto-market.
“These findings offer a fascinating insight into the reaction towards these recent events and it will be interesting to see the extent that these regulations and decisions have on the market, especially for Ethereum that are part of the blockchain used for NFT’s, which have seen a surge in interest over the past few months.”
Google searches for “Why has Ethereum gone down?” also increased 2,028 per cent on the same day as well as “Sell Bitcoin” rising 400 per cent.